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SHELDAHL ANNOUNCES FIRST QUARTER RESULTS

 SHELDAHL ANNOUNCES FIRST QUARTER RESULTS
 NORTHFIELD, Minn., Dec. 19 /PRNewswire/ -- Sheldahl, Inc.


(NASDAQ: SHEL) announced today sales of $22.3 million for the first quarter of fiscal 1992. This represents a 3 percent increase from sales in the same quarter last year. Sales for the auto market continue strong, achieving record levels at $7.1 million, an increase of 34 percent over the same period one year ago. Net earnings for the period were $332,000 or $.07 per share, compared with net earnings of $1,913,000 and $.25 per share one year ago. Earnings did not improve with higher sales due primarily to costs during the period of $700,000 to complete the start-up of the advanced manufacturing imaging facility. Commercialization of this facility started on schedule in early December. Products for the automotive and telecommunication markets were the first produced with the new advanced process. Productivity and quality targets were achieved. It is anticipated that the enhanced operating efficiencies from the advanced manufacturing processes now in commercial production will more than compensate for this charge through the remaining three quarters of fiscal 1991.
 Also effecting the first quarter earnings was continued soft demand for material products. For fiscal 1992, the company's management expects both sales and earnings to exceed those of fiscal 1991 where it had sales of $86.7 million and earnings of $5.2 million or $.90 per share.
 Sheldahl, Inc. develops, manufactures and sells materials, special fabrications and flexible interconnects for electronic markets. Its focus is to serve the needs of its customers in the automotive, aerospace/defense, data communications, consumer and materials markets. The company's common stock is traded on the national over-the-counter market under the NASDAQ symbol SHEL.
 SHELDAHL, INC. AND SUBSIDIARY
 CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 (In thousands except per share data)
 11/29/91 8/30/91
 ASSETS
 Current assets:
 Cash $1,245 $595
 Accounts receivable, net 12,026 12,620
 Inventories 12,167 11,413
 Prepaid expenses and other
 current assets 647 1,238
 Net assets of discontinued
 operations 1,483 3,655
 Total current assets 27,568 29,521
 Plant and equipment at cost 51,720 50,920
 Accumulated depreciation 30,501 29,597
 Net plant and equipment 21,219 21,323
 Other assets 611 636
 --- $49,398 $51,480
 LIABILITIES AND SHAREHOLDERS' INVESTMENT
 Current liabilities:
 Current maturities of
 long-term debt $1,215 $1,215
 Accounts payable 6,380 6,466
 Accrued salaries 1,937 2,002
 Other accrued liabilities 2,304 3,166
 Liabilities of discontinued
 operations 1,635 3,055
 Total current liabilities 13,471 15,904
 Long-term debt 14,407 14,322
 Other non-current liabilities 3,488 3,593
 Shareholders' investment:
 Common stock 1,188 1,185
 Additional paid-in capital 7,140 7,104
 Retained earnings 9,704 9,372
 Total shareholders' investment 18,032 17,661
 --- $49,398 $51,480
 SHELDAHL, INC. AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 (In thousands, except per share data)
 Three Months Ended
 11/29/91 11/30/90
 Net sales $22,342 $21,748
 Cost of sales 18,350 16,596
 Gross profit 3,992 5,152
 Expenses:
 Sales and marketing 1,782 1,491
 General and administrative 1,000 957
 Research and development 480 437
 Interest 398 354
 Total expenses 3,660 3,239
 Income before continuing operations
 before income taxes 332 1,913
 Provision for income taxes --- (727)
 Income from continuing operations 332 1,186
 Loss from discontinued operations --- (1,028)
 Cumulative effect of change in
 accounting for income taxes --- 571
 Net income $332 $729
 Income and loss per share:
 Continuing operations $.07 $.25
 Discontinued operations .00 (.22)
 Cumulative effect of accounting
 change .00 .12
 Net income per share $.07 $.15
 -0- 12/19/91
 /CONTACT: John V. McManus of Sheldahl, 507-663-8000/
 (SHEL) CO: Sheldahl, Inc. ST: Minnesota IN: SU: ERN


KH -- MN016 -- 4127 12/19/91 17:30 EST
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Date:Dec 19, 1991
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